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MSc Actuarial Science is a 2 year post graduate course which deals with the specialisation in mathematics, statistics, and economics. It is a detailed study of mathematical and statistical methods for insurance risk and financial assessment.
Candidates with the minimum qualification of BSc or BCom with Mathematics/ Statistics as the main subjects are eligible to apply for this course.
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Admission to the MSc Actuarial Science course can be gained mostly on the basis of entrances, However, there are few colleges offering admission to the course on the basis of merit as well. The average fees per annum to pursue this course are around INR 3-5 lac
The average initial package after completing this course is around INR 5-10 LPA. There are chances of getting a double salary hike after certain years of experience.
Check the list of Top MSc Colleges in India.
A student pursuing this course is likely to bag a job as a financial manager or risk assessor or consultant in Insurance firms, financial services, actuary services or some government department too.
A person with a degree in MSc Actuarial Science has a lot of future options to choose from. Either they can work as an actuary or can pursue PhD with the same specialisation.
Check: Top PhD Colleges in India
MSc Actuarial Science Course Highlights
Some of the major highlights of the course are listed in the table below.
| Course Level | Post Graduate Course |
|---|---|
| Full Form | Masters of Science Actuarial Science |
| Duration | 2 years |
| Examination Type | Semester Examinations |
| Eligibility | Candidate holding a B.Sc./ B.Com graduation degree with 50% aggregate marks and mathematics/ statistics as the main subjects. |
| Admission Process | Entrance Examination |
| Course Fee | INR 3-5 lacs |
| Average Salary | INR 5-10 lpa |
| Top Recruiting Companies | Max Bupa Health Insurance, Bharati Shipyard Ltd., WNS, Towers Watson, PwC Actuarial Services India, Mercer |
| Job Positions | Actuary Analyst, Actuarial Specialist, Risk Analytics- Actuarial, OA Analyst- Actuarial Science. Risk Assessor |
What is MSc Actuarial Science about?
MSc Actuarial Science is quite popular nowadays and can be described in the following points:-
- MSc in Actuarial Science focuses on mathematics and statistics as the main subject with the specialisation to assess insurance risk and financial assessment.
- With the course design in Mathematics, Statistics, Economics and Commerce as the major area, it lays a strong foundation for students to learn the techniques of the subject for practical applications.
- The course deals with the real life case studies and market analysis using the mathematics and statistical components with the amalgamation of qualitative analysis.
- MSc in Actuarial Science opens the door for a student to work in the insurance sector, be it Life, Health, Property or General Insurance.
- A person holding an actuarial Science degree can also work with any consulting firms, government agencies, banking, accounting firms, financial service firms etc
- The course is mostly opted after completing a B.Sc./B.com degree with mathematics/ statistics to focus on a certain area and to gain specialised knowledge of the subject.
Read More: Top MSc Courses
Why to choose an MSc Actuarial Science course?
MSc Actuarial Science offers various perks for the students including good package, interesting job profile, secured job etc. Below are some points which make it worth choosing:-
-
Popular: - MSc in Actuarial Science is constantly growing worldwide, and is rated as one of the top jobs globally.
- High Initial Package: - The person with Actuarial Science degree earns great initial packages which are doubled within five years of work experience.
- Diversified Career Options:- You can work for an insurance sector or as a risk assessor or for a finance firm. Actuaries are also hired in a consultancy firm, government agencies, banks, accounting firms and industrial corporations.
- Secured Job:- The demand for actuaries are never diminished. World is in risk or recession, actuaries have a very less chance of losing their job.
- Interesting career option:- With the practical applications of mathematics and statistical tools in solving real life problems and risk assessment, career in actuarial science is an interesting one.
- Balanced Work Life:- The actuaries job is a low stress one with a high level of knowledge application.
What is the Admission Process followed for MSc Actuarial Science?
The admission process for MSc Actuarial is different in every college. Some of the colleges accept admission on the merit basis and some of the colleges conduct their own entrance exam to test the candidates for admission.
The detailed admission process followed by the universities is as follows:-
-
Merit Based Admissions
Some of the universities grant admission to students based on their performance at graduation level. The marks scored at graduation level are taken into consideration and a merit list is formed for admissions.
-
Admissions based on Entrance Examination and interviews
The candidates are required to follow the below mentioned steps to register for admissions in MSc Actuarial Science based on the entrance examinations:-
- Candidates should visit the college website or portal to fill the registration form.
- The registration form has columns for details, both personal and academic which need to be filled properly.
- Documents that are required to be attached should be uploaded with the registration form.
- Download the registration form after fee payment.
- Download the Admit Card and appear for the entrance examination conducted by any central body or the university itself.
- The merit list is uploaded by the respective university based on the individual score of the entrance examination.
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What is the Eligibility for taking admission in MSc Actuarial Science?
A candidate who is willing to take admission in MSc Actuarial Science should pass the following eligibility criteria:-
- Candidates should have passed 10+2 examinations with minimum aggregate marks of 60%.
- Any candidate with Bachelor’s degree of B.Com or B.Sc. with a minimum aggregate score of 50% and with Mathematics and Statistics as the main subjects are eligible for this course.
What are the MSc Actuarial Science Entrance Examinations?
There are various entrance examinations for admissions in this course. Some of the institutes organise an entrance exam of the college itself and some offer admission based on the common entrance exam.
Common Entrance Exams and university entrance examination which are considered for getting admission in MSc Actuarial Science are:-
- CUET:- Christ University Entrance Test is the entrance examination conducted by the Christ University for admissions in their postgraduate courses.
- Actuarial science entrance exam:- It is common entrance examination for all the candidates willing to take admission in Institute of Actuaries of India
The pattern of all the entrance examinations is the same as the OMR type. The paper consists of sections covering mathematical questions, aptitude based questions and reasoning questions. There is also a separate section for language evaluation. The entrance exams are pretty simple and need smart work with consistent aptitude practice to pass.
Important details related to some of the popular MSc Actuarial Science Entrance Exams are given in the table below.
| Entrance Exams | Exam Dates |
|---|---|
| CUET PG | Check Here |
| BITSAT | Check Here |
| NEST | Check Here |
| IIT JAM | Check Here |
| DUET | Check Here |
| TISS NET | Check Here |
How to Prepare for MSc Actuarial Science Entrance Examinations?
Following points one should keep in mind while preparing for entrance test:-
- Go through your entrance exam syllabus thoroughly and follow the time table to complete the full syllabus on time.
- You should have some background or knowledge in respective subject and strong command on mathematics and Statistics
- Practice previous year question papers to keep a check on exam patterns.
- For the general aptitude test, practice more questions related to logical reasoning and aptitude.
- Strong command on the language is advisable.
Read More: Top MSc Entrances
How to get Admission in a Good College Offering MSc Actuarial Science?
For getting admission in a good college for MSc Actuarial Science, following points needs to be considered:-
- Do proper research about various colleges in the area and filter out the best as per the preference.
- Connect with alumni on social media to get a better knowledge about the fee structure and placement pattern.
- Visit the college site and follow the admission procedure regularly.
- Be fluent in the respective subject by gaining appropriate subject matter knowledge.
- Make a strong command of the language.
- Prepare for entrance examinations well.
MSc Actuarial Science Syllabus
Following table is the semester-wise MSc Actuarial Science syllabus followed by most of the top universities in India.
| Semester I | Semester II |
|---|---|
| Holistic Education | Financial Mathematics – II |
| Financial Mathematics | Probability and Mathematical Statistics |
| Probability and Mathematical Statistics | Financial Economics – I |
| Managerial Economics | Corporate Finance and Financial Reporting - II |
| Corporate Finance and Financial Reporting | Life Insurance and Pensions |
| Financial Markets and Services | - |
| Semester III | Semester IV |
| Actuarial Modelling | Life Contingency – II |
| Pensions and Other Retirement Benefits | Health Insurance and Enterprise Risk Management |
| Life Contingencies | Actuarial Applications Using Excel and VBA Macros |
| Statistical Methods and Models | Research Methodology |
| Financial Economics - II | Actuarial Modelling - II |
MSc Actuarial Science Books
Important Books which can be followed while studying MSc Actuarial Science are-
| Name of the Book | Author |
|---|---|
| Test of Mathematics at Ten Plus Two Level (TOMATO) | Indian Statistical Institute (ISI) |
| The theory of interest. Irwin McGraw Hill | Stephen G. Kellison |
| Fundamentals of Mathematical Statistics | S. C. Gupta and V. K. Kapoor |
| Macroeconomic Theory and Policy. | William H Branson |
| Mathematical Statistics | J.E.Freund |
*Various books and research guides are available for the course of MSc in Actuarial Science based on a particular subject.
Top MSc Actuarial Science Colleges
Listed below are some of the top MSc Actuarial Science colleges in India:-
| College Name | City | Average Fees |
|---|---|---|
| Christ University | Bangalore | INR 1,50,000 |
| Amity University | Noida | INR 3,20,000 |
| University of Madras | Chennai | INR 80,000 |
| Kerala University | Kerala | INR 1,00,000 |
| Institute of Actuarial and Quantitative Studies | Mumbai | INR 2,00,000 |
| Bishop Heber College | Tamil Nadu | INR 3,50,00 |
| Chandigarh University | Chandigarh | INR 1,00,000 |
| NIMS University | Jaipur | INR 25,000 |
| Gurugram University | Gurgaon | INR 50,000 |
| DS Actuarial Education Services | Mumbai | INR 81K |
| University | Average Tuition Fee for International Students | Acceptance Rate |
| Montana State University | 14,720-20,000 USD/ year | 100% |
| Rochester University | 26,736 USD/ year | 100% |
| University of Texas-El Paso | 31,598 USD (total) | 100% |
| University of Maine | 49,552 USD (total) | 99% |
| Dallas Baptist University | 19,872 USD/ year | 99% |
| Concordia University | Not available | 98% |
| Arkansas Tech University | 12,000-15,000 USD/ semester | 95% |
| University of Wisconsin | 59,072 USD/ year | 95% |
| University of Wyoming | 18,000-33,000 USD/ year | 96% |
| Kent State University | 33,211 USD/ year | 96% |
| University of Kansas | 36,714 USD/ year | 93% |
| Indiana University of Pennsylvania | 29,809 USD/ year | 91% |
| University of Colorado | 58,128 USD/ year | 92% |
| Loyola University |
|
90% |
| University of Utah | 30,252 USD/ year | 87% |
| University of Massachusetts, Boston |
|
82% |
MSc Actuarial Science: College Comparison
There are various colleges offering MSc Actuarial Science in India . Below is a detailed comparison of top 3 colleges for MSc Actuarial Science
| College Name | Christ University, Bangalore | Amity University, Noida | University of Madras |
|---|---|---|---|
| Overview | Christ University is one of the top-ranked private universities of the country. The University offers a huge range of UG, PG and Doctorate courses to the students. | Amity University is a private university accredited by NAAC and UGC and offers various UG and PG courses in different specialisations | University of Madras is a state university which is also one of the oldest in the country. There are ample of good courses to choose from with great placement ratio. |
| Place | Bangalore | Noida | Chennai |
| Average Annual Tuition Fees | INR 1.5 lakhs | INR 3.2 lakhs | INR 34k |
| Eligibility | Graduation | Graduation | Graduation |
| Admission | Entrance test + Personal Interview | Entrance test + Personal Interview | Entrance test + Personal Interview |
| Average Annual Placement Package | INR 5-6 lpa | INR 5-6 lpa | INR 4-5 lpa |
MSc Actuarial Science and MSc Data Science are similar kinds of courses, however very different in their approach. Let’s find out the major differences between these two courses
With a different subject approach in both the courses, below is the table differentiating both on various aspects:-
| Parameters | MSc in Actuarial Science | MSc in Data Science |
|---|---|---|
| Qualification | Master of Science in Actuarial Science | Master of Science in Data Science |
| Course Overview | MSc Actuarial Science deals with the real life problems and their future consequences with the help of mathematical and statistical tools. It uses a quantitative aspect. | MSc Data Science deals with real life problems, but does not intend for financial problems. It is more towards a statistical and programming analysis of qualitative data. |
| Eligibility | B.Sc./ B.Com with a specialisation in Mathematics/ Statistics | B.Sc. in Mathematics, Statistics or Computer Science |
| Admission Process | Entrance examination/ Merit Based | Entrance examination |
| Average Annual Fee | INR 80k to 2 lakhs | INR 2 lakhs to INR 4 lakhs |
| Average Annual Salary | INR 3 lakhs to 10 lakhs | INR 4 lakhs to INR 8 lakhs |
| Colleges | Christ University, Bangalore, University of madras | Vellore Institute of Technology, Vellore, Manipal University |
| Recruitment sectors | Insurance Sectors, Risk Assessment, Finance Sector | Market research companies, tech companies, consultancies, energy sectors, etc. |
| Top Job Profiles | Actuary, Risk Analysts, QA manager, Actuarial Analysts | Data Scientist, Machine Learning Engineer, Data Analyst, Data Mining Engineer, etc. |
MSc Actuarial Science Distance Learning
Distance Education is quite popular nowadays and holds equal importance as the regular course. There are various universities in India offering MSc Actuarial Science Distance Learning programme. The syllabus and curriculum for both distance learning and regular course is the same. The only difference between both of them is that students with regular courses attend lectures and practical classes, however in distance learning, students have to study at home and attend semester examinations.
The eligibility criteria for admission to a correspondence program or distance learning course may depend on the university/institution, the candidates, however, must hold a B.Com/B.Sc. degree with at least 50% aggregate marking. Candidates should have Mathematics and Statistics as the major subjects.
Top distance education universities for MSc Actuarial Science in India are mentioned below -
| College/Institute | Location | Fees per Annum |
|---|---|---|
| IGNOU | Delhi, Ahmedabad | INR 26.4 K – 33.6 K |
| BRAOU | Hyderabad | INR 5.8 K – 20 K |
| Amity University | Noida | INR 80k – 1 lac |
After pursuing MSc in Actuarial Science, one has a lot of career options to choose from. It is new yet gaining popularity in India gradually. MSc Actuarial Science jobs involve solving real life problems with mathematics and statistics tools.
MSc Actuarial Science jobs involve risk assessment or financial assessments. MSc in Actuarial science opens the door for a person to work in the following sectors:-
- Life Insurance
- General Insurance
- Health Insurance
- Reinsurance Companies
- Pension Funds
- Consultants
- Investments
- Government
- Academics
- Risk Management
Some of the companies that hire actuaries in India include Max Bupa Health Insurance, WNS, Towers Watson, PwC Actuarial Services India, Mercer, Directorate of Postal Life Insurance, McKinsey Advanced Healthcare Analytics, E&Y, Milliman, Swiss Re, Future Generali, IDBI etc.
Below are some of the MSc Actuarial Science jobs which are bagged by a person pursuing the degree:-
| Job Position | Job Description | Average Annual Pay Scale in INR |
|---|---|---|
| Actuary | An actuary analyses the risk possibilities of a financial activity and mitigate the involved risks. An actuary is mostly needed in the insurance sector and pension programs where the task is to use financial theories, statistics and mathematics to study uncertain future events. | 7,62,817 |
| Accountants and Auditors | Accountants and Auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and Auditors assess financial operations and work to help ensure that organizations run efficiently. | 2,34,080 |
| Budget Analysts | Budget Analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending. | 3,55,717 |
| Cost Estimators | Cost Estimators collect and analyse data in order to estimate the time, money, materials, and labour required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry. | 5,00,505 |
| Economists | Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. | 6,87,845 |
| Financial Analysts | Financial Analysts provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments. | 3,55,717 |
| Insurance Underwriters | Insurance Underwriters decide whether to provide insurance and under what terms. They evaluate insurance applications and determine coverage amounts and premiums. | 3,87,832 |
| Mathematicians | Mathematicians conduct research to develop and understand mathematical principles. They also analyze data and apply mathematical techniques to help solve real-world problems. | 12,87,832 |
| Postsecondary Teachers | Postsecondary Teachers instruct students in a wide variety of academic and career and technical subjects beyond the high school level. They also conduct research and publish scholarly papers and books. | 9,13,657 |
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Salary Trend
The new field of actuarial science is gaining popularity in India day by day. The freshers get a head start by bagging an annual package of INR 5-10 lpa. Within some years of experience, the salary gets doubled for an actuary.
What is the Future MSc Actuarial Science Scope?
MSc Actuarial Science is a new yet trending course, and hence has a lot of market value. The person with MSc in Actuarial Science can choose from a lot of options for future prospects and career options. Some of them are:-
- Students with MSc in Actuarial Science can work in an insurance sector or finance companies as an actuary or risk assessor. They can work in other MNCs too as QA assurer, Analysts, Research Head etc.
- Students who want to pursue further studies can opt for PhD in the same field. A PhD in the same course will brush up the knowledge of a student and will develop a more research thinking.
- After MSc in Actuarial Science, students can also work as a lecturer or assistant professor in any academic institute or educational hubs.
- There are other courses too which can be done after MSc in Actuarial Science. A student can prepare for CA or CS exams.
Read More: PhD Courses
MSc Actuarial Science: FAQs
Ques.What is the major difference between an actuary and a CA?
Ques. Can a commerce student do actuarial science?
Ques. What is the salary of an actuary in India?
Ques. What type of mathematics does MSc Actuarial Science involve?
Ques. What is the demand of students after completing MSc(Actuarial Science)?
Ques. What are Actuarial Science entrance exams composed of?
Ques. How to prepare for the entrance exam of MSc (Actuarial Science)?
Ques. In which sectors a person with an MSc in Actuarial Science can work?
Ques. Is it compulsory to have a commerce background to study MSc (Actuarial Science)?
Ques. What is the fee in MSc Actuarial Science?
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